INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2016

INVESTMENTS [Abstract]

Amortized cost and estimated values of investments in securities including investments held for sale

Investments in available for sale securities are summarized as follows:

March 31, 2016		Original or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investments available for sale:
Fixed maturities
U.S. Government and govt. agencies and authorities	$	17,377,155	$	1,586,374	$	0	$	18,963,529
U.S. special revenue and assessments		1,137,505		17,787		0		1,155,292
All other corporate bonds		168,104,518		8,612,300		(4,972,275)		171,744,543
		186,619,178		10,216,461		(4,972,275)		191,863,364
Equity securities		43,996,049		5,723,356		(1,217,263)		48,502,142
Total	$	230,615,227	$	15,939,817	$	(6,189,538)	$	240,365,506

December 31, 2015		Original or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investments available for sale:
Fixed maturities
U.S. Government and govt. agencies and authorities	$	20,336,681	$	1,441,890	$	(32,083)	$	21,746,488
U.S. special revenue and assessments		1,137,546		7,843		(2,550)		1,142,839
All other corporate bonds		167,173,444		3,762,156		(8,705,830)		162,229,770
		188,647,671		5,211,889		(8,740,463)		185,119,097
Equity securities		43,954,737		2,119,205		(388,602)		45,685,340
Total	$	232,602,408	$	7,331,094	$	(9,129,065)	$	230,804,437

Amortized cost and estimated market value of debt securities, by contractual maturity

The amortized cost and estimated market value of debt securities at March 31, 2016, by contractual maturity, is shown below.  Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Fixed Maturities Available for Sale March 31, 2016		Amortized Cost		Estimated Fair Value
Due in one year or less	$	998,666	$	1,013,040
Due after one year through five years		26,578,214		27,084,818
Due after five years through ten years		62,666,926		63,382,290
Due after ten years		96,375,372		100,383,216
Total	$	186,619,178	$	191,863,364

Fair value of investments with sustained gross unrealized losses

The fair value of investments with sustained gross unrealized losses at March 31, 2016 and December 31, 2015 are as follows:

March 31, 2016		Less than 12 months			12 months or longer			Total
		Fair value	Unrealized losses		Fair value	Unrealized losses		Fair value	Unrealized losses
All other corporate bonds		46,598,824	(3,838,258)		18,923,605	(1,134,017)		65,522,429	(4,972,275)
Total fixed maturities	$	46,598,824	(3,838,258)	$	18,923,605	(1,134,017)	$	65,522,429	(4,972,275)
Equity securities	$	14,755,144	(1,217,263)	$	0	0	$	14,755,144	(1,217,263)

December 31, 2015		Less than 12 months			12 months or longer			Total
		Fair value	Unrealized losses		Fair value	Unrealized losses		Fair value	Unrealized losses
U.S. Government and govt. agencies and authorities	$	4,966,210	(32,083)	$	0	0	$	4,966,210	(32,083)
U.S. special revenue and assessments		984,770	(2,550)		0	0		984,770	(2,550)
All other corporate bonds		85,734,097	(5,255,276)		19,400,640	(3,450,554)		105,134,737	(8,705,830)
Total fixed maturities	$	91,685,077	(5,289,909)	$	19,400,640	(3,450,554)	$	111,085,717	(8,740,463)
Equity securities	$	4,741,132	(388,602)	$	0	0	$	4,741,132	(388,602)

Additional information regarding investments in an unrealized loss position is as follows:

	Less than 12 months	12 months or longer	Total
As of March 31, 2016
Fixed maturities	23	6	29
Equity securities	8	0	8
As of December 31, 2015
Fixed maturities	40	9	49
Equity securities	9	0	9

Trading revenue charged to investment

Trading revenue charged to net investment income from trading securities was:

		Three Months Ended
		March 31,
		2016		2015
Net unrealized gains (losses)	$	14,539	$	947,630
Net realized gains (losses)		0		(423,657)
Net unrealized and realized gains (losses)	$	14,539	$	523,973